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NBA's 2014-15 salary cap set at $63.065 million, luxury tax $76.829 million

The NBA's salary cap for this coming season increased by 7.5 percent.

Here's a picture of Jodie Meeks
Here's a picture of Jodie Meeks
Jennifer Stewart-USA TODAY Sport

The NBA salary cap will be $63.065 million this coming season, a 7.5 percent increase from last year. The luxury tax, if you somehow missed the headline, will be $76.829 million. One way to put these numbers into context is to think of them as inflation. For example: Jodie Meeks will sign a three-year contract that averages $6.5 million. Had he signed that contract a year ago, it would have averaged $6.0125 million, at least in terms of the percent of cap space he takes up. Make sense?

An MLE contract for non-tax-paying teams will be $5.305 million. See more numbers bellow in the NBA's official press release from this afternoon announcing the figures:

NEW YORK, July 9, 2014 – The National Basketball Association today announced that the Salary Cap has increased by 7.5% to an all-time high of $63.065 million for the 2014-15 season. The tax level for the 2014-15 season increased by 7.1% to $76.829 million.

The Salary Cap and tax level go into effect at 12:01 a.m. ET on Thursday, July 10, when the league’s “moratorium period” ends and teams can begin signing free agents and making trades.

The minimum team salary, which is set at 90% of the Salary Cap, is $56.759 million for the 2014-15 season.

The current Collective Bargaining Agreement provides for three different mid-level exceptions depending on a team’s salary level. The non-taxpayer mid-level for this season is $5.305 million, the taxpayer mid-level is $3.278 million and the mid-level for a team with room under the Salary Cap is $2.732 million.